Newton REIT acquires truck stop properties for $630 million

Wednesday

May 30, 2007 at 12:01 AMMay 30, 2007 at 6:30 PM

NEWTON - A local real estate investment firm has expanded its truck stop portfolio with a $630 million deal announced Wednesday. Hospitality Properties Trust said it acquired 40 travel centers from Petro Stopping Centers Holdings LP, a privately owned company based in El Paso, Texas.

Greg Turner/Daily News staff

A local real estate investment firm has expanded its truck stop portfolio with a $630 million deal announced Wednesday.

Petro has a total of 69 locations in 33 states, including 24 franchised truck stops.

In a related transaction announced Wednesday, Westlake, Ohio-based TravelCenters purchased the remaining Petro centers and the franchisee business for about $70 million.

Before the sales, Petro was majority owned by a Texas family with minority stakes controlled by affiliates of Exxon Mobil Corp. of Irving, Texas, and Volvo AB of Sweden.

The Petro centers, which generated about $1.8 billion in 2006 revenue, are generally newer and larger than the 164 truck stops operated or franchised by TravelCenters, according to the company.

TravelCenters said it expects to continue using both the Petro and "TA'' brands and to expand them through acquisitions, development and franchising.

HPT also owns 310 hotels in North America, including the Residence Inn in Westborough and Courtyard by Marriott in Milford. All of its properties are operated by separate hospitality management companies.

(Greg Turner can be reached at gturner@cnc.com or 508-626-3909.)

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